Law Firm Leader ‘Quite Honestly Surprised’ at Cravath Bonuses

Cravath Swaine & Moore’s announcement that it is cutting associate bonuses this year has surprised at least one law firm manager—but not because the amounts are lower.

Cravath was the first major law firm announcing its bonuses, ranging from $7,500 to $30,000 this year. Last year Cravath’s lowest bonus was $17,500, and the year before it was $35,000.

The head of one major New York Law firm who declined to be identified told the New York Law Journal he was "quite honestly surprised that a major New York firm was paying bonuses this year."

The partner said he would expect clients to have a negative reaction to any bonuses being paid in the current economy. He would have expected a bonus decision "would have been deferred for some number of months."